Glad to welcome everyone who sees this post. Today I will try to talk about the potential benefit of the young cryptocurrency project Axelar. This project is on the review for a reason: in my vision, it is a kind of beginning for new ways to use cryptocurrency already in Web 3.0. Let's go!
Axelar is a universal interaction platform that connects blockchains not through bridges, but through a decentralized network, set of protocols and APIs.
At the last project's AMA session the key developer and Axelar project representative Sergey Gorbunov described the difference between the project's concept and bridges in the following way:"Axelar is a universal interoperability network that connects many different ecosystems, right? So it's not a bridge per se. It's a network, and you can think of it as a translation layer that can help you move from one ecosystem to another, move assets back and forth, and move information between different ecosystems.In fact, there are two layers that can contribute to the Axeler stack. There's the network layer, which is responsible for making connections to different ecosystems, translating message types, routing and delivering them, and then there's the application layer stack, which is on top of the Excel network and allows you to create applications that are really multi-chain in a sense. One of the goals we're trying to address is to address the fragmentation of the user experience, and that's where the second layer that we're working on comes in."So this solution is somewhat broader than bridges. Bridges give you the ability to come from point A to point B, but in this implementation, straight paths from point A to point C and so on appear.
What is the breakthrough and what is the benefit?To answer this question, I'll mention a case study that happened not too long ago.On October 4, 2021, Facebook, Instagram, Whatsapp and other services stopped working. Users couldn't access the services because of a simple network configuration error. So what went wrong and how did Facebook disconnect from the rest of the world?The answer lies in an unknown protocol that mostly "works in the shadows": the Border Gateway Protocol (BGP). It's not as glamorous and well-known as protocol suites like TCP/IP, but it provides routing across the Internet. At its core, BGP helps autonomous networks run by Internet service providers and organizations route and deliver traffic from one network to another. Just as air traffic controllers direct airplanes along specific routes, BGP directs Internet traffic. The fundamental interoperability it provides allows users from different geographic regions to connect and access any application in the world. Yesterday, when a Facebook engineer sent an incorrect update to its internal BGP configuration, it disconnected the "Facebook network" from the rest of the world, and consequently, users could not access any of the apps they needed. Just as Facebook needs BGP to communicate with the rest of the world, blockchains need interaction protocols to communicate with each other. Each blockchain is like an autonomous network on the Internet - it has its own consensus, control rules, and software stack. But to interact with other circuits, it needs universal interaction protocols and networks to facilitate this.Thus, the Axelar Cross-Chain Gateway Protocol (CGP) is similar to BGP on the Internet. It will help us connect networks from different ecosystems such as Bitcoin, Etherium, Cosmos, Avalanche and others. The protocol will allow applications to communicate with each other through autonomous blockchains. Its ultimate goal is to allow users from all over the world to interact with each other and with any application on any network. Right now, without CGP, we all work the same way Facebook worked yesterday.